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Colegreen_c12 02/07/21 1:48:18 PM #263:	Forceful_Dragon posted... You just described currency as a whole. That paper in your wallet has the value that we've collectively attributed to it. Yeah the USD used to be backed by gold, but gold also merely has the value that we've given to it. How is crypto substantially different? Gold has intrinsic value. Whether it is worth what people pay for it is another story. USD is somewhat similar to crypto in you could essentially argue its also a ponzi scheme, although it is one backed by a government and carefully regulated to ensure it has a healthy rate of inflation and that has been used a currency for a long time. Cryptocurrencys are barely even currencies. Basically nobody uses them as such, they just treat it as a store of value. Lets put it this way, if gold dropped to $0.01 an oz I would buy it cause I know its worth more than that. If bitcoin dropped to $0.01 a coin I couldn't say the same --- DPOblivion beat us all. <cite>Colegreen_c12 posted [p:950379924] in Stock Topi... [t:79277198]...</cite> <quote>Forceful_Dragon posted... </cite> <quote>You just described currency as a whole. That paper in your wallet has the value that we've collectively attributed to it. Yeah the USD used to be backed by gold, but gold also merely has the value that we've given to it. How is crypto substantially different?</quote> Gold has intrinsic value. Whether it is worth what people pay for it is another story. USD is somewhat similar to crypto in you could essentially argue its also a ponzi scheme, although it is one backed by a government and carefully regulated to ensure it has a healthy rate of inflation and that has been used a currency for a long time. Cryptocurrencys are barely even currencies. Basically nobody uses them as such, they just treat it as a store of value. Lets put it this way, if gold dropped to $0.01 an oz I would buy it cause I know its worth more than that. If bitcoin dropped to $0.01 a coin I couldn't say the same --- DPOblivion beat us all.</quote> ... Copied to Clipboard!
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